Reopening Campus: Visit for the latest information on MSU's preparation.

For FAQ specific to the Broad College of Business, visit

profile photo

Andrei Simonov

Department: Finance
Eppley Center
667 N Shaw Ln Rm 332
East Lansing, MI 48824
Phone: (517) 884-0455
Philip J. May Endowed Professor
Department: Finance
Curriculum Vitae
  • Biography
    Andrei Simonov is Chairperson of Finance Department, Philip J. May Endowed Professor of Finance at Michigan State University, a CEPR Research Fellow in the Financial Economics program, Scientific Director of Research Center for Empirical Finance at Gaidar Institute for Economic Policy (Moscow, Russia), and a Research Associate in Stockholm International Corporate Governance Institute. He received a Ph.D. in Finance from the European Institute of Business Administration ( INSEAD, 2000). He also holds a Ph.D. in Theoretical Physics from Moscow State University.  His research interests include asset pricing, individual portfolio decision, and behavioral finance.   Andrei is the recipient of several grants and awards. He was awarded EFA/LECG Prize for best paper in Behavioral Finance, Iddo Sarnat Memorial Award and was one of the winners of BSI Gamma Foundation Research Competition. His work is regularly presented at leading finance conferences including the American Economic Association, American Finance Association, Western Finance Association, European Finance Association, CEPR and NBER meetings. His publications appear in leading Finance and Management journals including, among others, Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Review of Finance, and Management Science. His research has been covered extensively in the popular press, including, among others, The Wall Street Journal, The Times of London, The Economist, Atlantic Monthly, The Guardian, Globe and Mail, and Dow Jones Market Watch.   He serves on Editorial Boards of Management Science, Financial Management, Journal of Empirical Finance, and Russian Journal of Economics. At MSU, he is also Academic Director of Financial Markets Institute.

  • Publications
    "Loss Averse Preferences, Performance, and Career Success of Institutional Investors" (joint with
    Andriy Bodnaruk), Review of Financial Studies, accepted (2016). 
    “Captive Finance and Firm’s Competitiveness” (joint with Andriy Bodnaruk and William
    O’Brien), Journal of Corporate Finance, vol. 37 (2016), pp. 210-228. 
    “Do Financial Experts Make Better Investment Decisions?” (joint with Andriy Bodnaruk),
    Journal of Financial Intermediation, vol. 24 (2015), pp. 514-536. DOI information:
    “Style representation and portfolio choice” (joint with Massimo Massa and Anders Stekhona),
    Journal of Financial Markets, vol 23 (2015), pp. 1-25. 
    "On the Real Effects of Bank Bailouts: Micro-Evidence from Japan" (joint with M. Giannetti), American Economic Journal: Macroeconomics, vol. 5-1 (2013), pp. 135-167.
    "Alliances and Corporate Governance" (joint with Andriy Bodnaruk and Massimo Massa), Journal of Financial Economics, vol. 107-3 (2013), pp. 671-693.
    "Do Small Shareholders Count?" (joint with M. Massa and E. Kandel), Journal of Financial Economics, vol. 101(2011), pp. 641-665.
    "Is College a Focal Point of Investor Life?" (with M. Massa), Review of Finance vol.15 (2011), pp. 757-797 doi:10.1093/rof/rfr009.
    "Investment Banks as Insiders and the Market for Corporate Control" (with Andriy Bodnaruk and Massimo Massa), Review of Financial Studies, vol. 22-12 (2009), pp. 4989-5026.
    "Social Interactions and Entrepreneurial Activity" (old title "Does Prestige Matter More Than Profits? Evidences from Entrepreneurial Choice", joint with M. Giannetti), Journal of Economics and Management Strategy, vol. 18-3 (2009), pp. 665-709.
    "Strategic Experimentation in Financial Markets" (joint with M. Massa), Management Science vol. 55-8 (2009), pp.1377-1390.
    "Shareholder Diversification and the Decision to Go Public" (joint with A. Bodnaruk, E. Kandel, M. Massa), Review of Financial Studies, vol 21-6 (2008), pp. 2779-2824.
    In collection
    "Stock Market Participation and Pension Reform" (joint with A. Karlsson and M. Massa), "Transitioning to Retirement: How Will Boomers Fare?" edited by Olivia S. Mitchell, Beth J. Soldo and Brigitte Madrian, Oxford University Press, 2007 (refereed volume).
    "Hedging, Familiarity and Portfolio Choice" (joint with M. Massa), Review of Financial Studies, vol. 19 (2006), pp. 633-686.
    "Which Investors Fear Expropriation? Evidence from Investors' Portfolio Choices" (joint with M. Giannetti), Journal of Finance, vol. 61-3 (2006), pp. 1507-1547.
    "Is Learning a Dimension of Risk?" (joint with M. Massa), Journal of Banking and Finance, vol. 29 (2005), pp. 2605-2632. (Winner of 2006 Iddo Sarnat Award)
    "Behavioral Biases and Investment" (joint with M. Massa), Review of Finance, vol. 9 (2005), pp. 483-507.
    "On the Determinants of Entrepreneurial Activity: Individual Characteristic, Economic Environment, and Social Norms"(joint with M. Giannetti), Swedish Economic Policy Review, vol. 11 (2004), pp. 269-313.
    "Reputation and Dealers' Trading: a microstructure analysis of the Treasury Bond market" (joint with M. Massa), Journal of Financial Markets, vol. 6 (2003), pp. 99-141.
    “Delisting of mutual Funds in Russia” (with E. Inozemtsev and A. Goriaev), HSE Economic
    Journal,   (2016) 
    “Fund delisting within the mutual funds family” (with E. Inozemtsev) HSE Economic Journal (2016)  
    "Downside Risk Timing by Mutual Funds" (joint with Andriy Bodnaruk and Bekhan Chokaev), Review of Asset Pricing Studies, accepted, December 2017
  • Courses
    • FI 473: Debt and Money Markets
    • FI 853: Debt, Money Instrmnts & Mkts
    • FI 854: Fixed Income Instruments
  • Links

Related News:

Broad master’s programs ranked highly by TFE Times 
In the 2020 rankings, three master’s programs have been ranked in the top 20 nationally.
Celebrating our faculty’s academic achievements 
The Broad College's annual Faculty Recognition Dinner and Investiture Ceremony took place on August 22, 2019.
New appointments will help lead Broad College into the future 
Latest generation of leaders taking roles atop the business college
Financial Markets Institute faculty director to take chair of Department of Finance ahead of 2019-20 school year 
Andrei Simonov, professor of finance, will take the department's helm from Naveen Khanna, effective Aug. 16, 2019
Prof. Simonov to edit two academic journals 
Andrei Simonov has been selected to join the editorial board of Management Science as an associate editor.
Professor Andrei Simonov's Paper Accepted for Publication 
Andrei Simonov has had his research study accepted for publication in the Review of Financial Studies.
Cheaters Never Prosper? Ashley Madison Data Complicates the Picture 
It’s hard to research cheating behavior in companies—can you trust people to admit to it?
Do financial experts make better investments?  
Financial experts do not make higher returns on their own investments than untrained investors according to research